This paper discusses the role of strategic planning in the economic endeavors of the Emerson Electric Company.
Written in 2009; 2,940 words; 2 sources; APA; $ 86.95
Paper Summary:
This paper begins with an overview of the Emerson Electric Company and then explores how strategic planning contributes to optimizing performance. One of the planing methods that is specifically analyzed is the acquisition strategy implemented by the company's CEO, Charles F. Knight. The paper then goes on to breakdown the different aspects of the strategic planning and examines its strengths and weaknesses. The paper concludes with recommended alternatives for Emerson Electric's current plan.
Table of Contents:
Introduction
Highlights
- Evaluation of Chief Executive Knight's strategy for Emerson Electric
a. Means of planning process
b. Means of the control process
c. Strong points of the planning process
d. Weak points of the planning process
e. Strong points of the control process
f. Weak points of the control process
- Recommended changes to CEO
- Role of business segments managers in Emerson's planning and control system
Alternatives
- Ideas on growth strategy
- Ideas about cost strategy
- Suggestions concerning employees
Best Approach
Discussion on implementation of approach
Conclusion
From the Paper:
"Strategy planning is a fundamental activity of management control systems. It can be defined as "the process of deciding how to implement strategies". It's really useful if managers are convinced of its necessity and run large organizations with considerable uncertainty about their future. However, it inevitably limits the flexibility of the company and the initiatives of those who work in it. As a result, one may be entitled to weigh the pros and cons of strategy planning versus flexibility. Emerson Electric Company, for instance, does illustrate the importance of strategy planning very well. A careful study of this firm even enables to raise the following question: To what extent is strategic planning contributing to optimize Emerson's performance?"
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